Reply to Getting real life insurance now that we're expecting our first child - advice from people who know life insurance?

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[quote=Anonymous][quote=Anonymous]Term life insurance.  Make it graduated.  You may need more insurance for the early years but as you build up your assets, and cross some expensive milestones, your requirement for insurance will decrease.

My 2 cents - in early years, my DH bought huge amount of  insurance so that if something happened to him (he is sole breadwinner), I would never have to go back to work. He calculated my retirement, college for kids, weddings of kids, standard of living, long term care, medical needs, therapy, even foreign vacations that I might take as a merry widow to come up with the amount.

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That is an excellent plan.  Also, even if you have two earners in the household, think about it, if one parent dies, the other might want/need to take 6-9 months off or go part time to manage the kids and grief.  It would be nice to have enough insurance for that situation as well.

But everyone should have enough to cover college for all future kids and payoff the home, IMO.  Plus a bit more.  that would allow the surviving spouse to manage life without huge changes.  The last thing you want is for a parent/spouse to die and be forced to move in order to afford life. 
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